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    Nigeria Stock Exchange reverses positive sentiment, down by N65bn

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    Naija247news Editorial Teamhttps://www.naija247news.com/
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    By Chinyere Joel-Nwokeoma

    Lagos, Feb. 25, 2021 The nation’s bourse retreated on Thursday, reversing two days positive sentiment with a loss of N65 billion following profit taking on banking and consumer goods stocks.

    Consequently, the market capitalisation shed N65 billion or 0.31 per cent to close at N20.978 trillion from N21.043 trillion achieved on Wednesday.

    Also, the All-Share Index dropped 125.81 points or 0.31 per cent to close at 40,095.49 compared with 40,221.30 reported on Wednesday.

    Accordingly, the month-to-date and year-to-date losses increased to 5.5 per cent and 0.40 per cent, respectively.

    The market was driven by price depreciation in large and medium capitalised stocks amongst which are Lasaco Assurance, Fidson Healthcare, Ecobank Transnational Incorporated, Mutual Benefits Assurance and UACN.

    Market sentiment closed negative with 24 losers and 18 gainers.

    Lasaco Assurance led the losers’ chart in percentage terms with 9.68 per cent to close at N1.12 per share.

    Fidson Healthcare followed with 8.41 per cent to close at N4.90, while ETI declined by 6.31 per cent to close at N5.20 per share.

    Mutual Benefits Assurance shed 5.13 per cent to close at 37k, while UACN lost 5.03 per cent to close at N7.55, per share.

    Conversely, Chams drove the gainers’ chart in percentage terms, growing by 9.09 per cent to close at 24k per share.

    Royal Exchange followed with eight per cent to close at 27k, while Wema Bank rose by 7.69 per cent to close at 70k per share.

    Red Star Express chalked up 5.77 per cent to close at N3.30, while Prestige Assurance rose by 4.55 per cent to close at 46k per share.

    The total volume of shares traded dropped by 30.6 per cent as investors bought and sold 326.04 million shares worth N3.71 billion in 4,567 deals.

    This was in contrast with 469.56 million shares valued at N7.08 billion exchanged in 5,470 deals on Wednesday.

    Transactions in the shares of Transcorp topped the activity chart with 48.44 million shares worth N43.73 million.

    Dangote Sugar Refinery followed with 33.89 million shares valued at N611.83 million, while United Bank of Africa traded 27.47 million shares worth N229.57 million.

    Zenith Bank accounted for 24.57 million shares valued at N637.59 billion, while United Capital transacted 19.24 million shares worth N118.04 million.

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